AI projects yield little business value so far

Although growing numbers of organisations are working with artificial intelligence (AI) software in some shape or form, very few are generating significant financial benefits when rolling it out in a serious way, according to new research. A study conducted by the MIT Sloan Management Review and management consulting firm the Boston Consulting Group revealed that as many as 57% of the 3,000 managers, executives and academics questioned were currently either piloting or deploying the technology. A further 59% had devised an AI strategy and 70% believed they understood how the software could generate business value. Despite this situation, the report, Expanding AI's impact with organizational learning, indicated that just one in 10 organisations were deriving significant financial value from the technology. When exploring the reasons why, researchers found that simply getting the basics right – that is, having an appropriate strategy with the right supporting data, technology and skills in place – was not enough.